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Who is liable to pay Skills Development Levy?
Any employer where the annual turn-over exceed R500 000 is liable to pay skills development levy.
Who is exempt to pay Skills Development Levy?
Any public service employer in the national or provincial government;
Any employer whose annual turn-over does not exceed R500 000 per year.
Any sectional 21 Company.
What about companies not required to pay levy?
BANKSETA recognises that SME’s might not be required to pay the Skills Development Levy, but still want to participate in the process. In this instance employers need to contact the SME department at the BANKSETA in order to obtain more information of the Skills initiatives that are provided by the SME department. For more information you can contact the SME and Skills Development Manager Trevor Rammitlwa at 011805 9661
How are Levies allocated?
The levies collected by SARS then transferred to the Department of Labour, which allocates 20% to the National Skills Fund and pays over the remaining 80% to the SETA’s. The SETA then takes 10% of the amount to pay for its administration, allocates another 20% to the Discretionary Grants and pays the remaining 50% as Mandatory Grants to qualifying employers.
What will happen if money paid to SARS do not reflect on the BANKSETA system?
The BANKSETA will request the company to complete and submit a grant claim form which confirms the amounts paid SARS (available on the website). Should it happen that the account doesn’t reconcile the company will be requested to submit an Emp 201 or be advised to contact SARS for the allocations to be resolved.
Who should be registered with the BANKSETA?
Any company that is involved in Banking or Monetary related activity, you should be registered with BANKSETA. The applicability is determined by the Standard Industrial Classification Code (SIC Code) for your particular business. Details of these can be obtained on the website.
The SIC Code for the BANKSETA are as
81110 MONETARY INTERMEDIATION
81121 DISCOUNT HOUSES AND COMMERCIAL AND OTHER BANKING
81122 BUILDING SOCIETY ACTIVITIES
81900 OTHER FINANCIAL INTERMEDIATION
81910 LEASE FINANCING
83101 SECURITIES DEALINGS BY BANKS
83102 ACTIVITIES ANCILLARY TO FINANCIAL MEDIATION
Click through to download the most up-to-date list of BANKSETA SIC Codes.
What should happen if I’m registered to the wrong SETA?
The company should complete an IST 201 form and fax it to the BANKSETA, where the transfer will be applied. Once the Department of Labour has approved the transfer and instructed SARS to change the records, The companies details should reflect in the correct seta. The process may take 6 to 8 weeks. For further assistance please contact Mirriam Chauke at 011 805-9661.
What is the Emp 201 form ?
The Emp 201 form is a form provided by SARS which and is used to pay SDL,UIF, PAYE. To obtain the forms please go to (www.sars.gov.za)
What is the importance of the Emp 201?
The Emp 201 assist the BANKSETA to monitor the income expected for the specific financial year. It also helps to speed up the Grant Payment Processes and resolving of queries at the time of Grant Disbursements.
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